Disposed

Shri Sanjay Awasthi and others v. Cholamandalam Investment and Finance Company Ltd.

DRAT19 May 2023

Case brief

AI extract

What is this about?

The Court disposed of an appeal filed by borrowers against a Tribunal's interim order regarding pre-deposit conditions in a SARFAESI auction matter, noting the availability of alternative remedies within the Tribunal.

What did the court decide?

The appeal was disposed of; no further relief granted at this stage, directing the appellant to approach the Tribunal for modification.

Shri Sanjay Awasthi and others versus Cholamandalam… — Company and Corporate | DRAT (2023)

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Appeal Dy. No. 599/2023 Date: 19.05.2023

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Shri Sanjay Awasthi & Ors. Vs. Cholamandalam Investment and Finance Company Ltd.

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Present: Shri Satish Agarwal along with Shri Ramendra Pal Singh, Shri Yashvardhan Agrawal and Shri Aditya Nayak, counsel for the appellant, Shri V. K. Shukla, counsel for the respondent-F.I.,

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Heard the learned counsels for the parties.

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The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 08.05.2023 passed by the Tribunal below in S.A. No. 368/2023. The report of the Registrar dated 18.05.2023 shows that the I.A. No. 387/2023 being urgency application and I.A. No. 388/2023 being waiver application have also been filed.

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It has been contended that the amount, which has been mentioned in the demand notice dated 15.06.2017 issued under section 13(2) of the SARFAESI Act, has been shown to be Rs. 1,90,72,085/-, but the amount, which has been shown in the sale notice to be Rs. 2,65,42,560/- and there is no reason given for such difference of the amount in these notices issued by the respondent-Bank. It has further been averred that after issuance of sale notice dated 06.04.2023 by the respondent-Bank, the appellants have deposited Rs. 98.00 lacs approximately, which is more than 35% of the outstanding amount, therefore, they are not required to deposit any further amount towards pre-deposit. Vide impugned order dated 08.05.2023, which is impugned in the present appeal, the appellants have been granted interim relief subject to deposit of amount as mentioned in the order impugned, against which the present appeal has been filed.

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Learned counsel for the appellants has argued that the Tribunal below without appreciating the points as raised by the appellant has imposed the condition of payment, which is not commensurate to the demand and to the facts of the case. Therefore, it is prayed that the condition imposed by the Tribunal below may be removed and the appeal may be allowed.

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Be that as it may, there is a remedy open to the appellants for moving an appropriate application to modify the order impugned raising all such grievances/issues, as they may have, as well as an application for grant of interim relief before the Tribunal below. If such applications are moved by the appellants, the Tribunal below shall consider and decide the same in accordance with law within one month from the date of production of certified copy of this order. Appeal accordingly disposed off.

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Justice R. D. Khare Chairperson

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Anupam

Shri Sanjay Awasthi and others v. Cholamandalam Investment and Finance Company Ltd.

Case brief

What is this about?

What did the court decide?

Shri Sanjay Awasthi and others v. Cholamandalam Investment and Finance Company Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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